PlainsCapital president James Huffines resigns from Energy Future Holdings board

James Huffines, president of PlainsCapital Corp., has resigned from the board of Dallas electricity company Energy Future Holdings.

EFH said Tuesday in a filing with the Securities and Exchange Commission that Huffines’ resignation is effective immediately. He was chairman of the audit committee.

Huffines is resigning to “focus his efforts fully on the recently announced merger of PlainsCapital and Hilltop Holdings,” said EFH spokesman Allan Koenig said in an email. Huffines didn’t respond to calls for comment.

Huffines had been on the EFH board since 2007, after private equity investors took the company private in the biggest leveraged buyout in history. Since that time, natural gas prices have dropped, causing wholesale electricity prices to collapse. EFH’s revenue has shrunk and the company is worth less than the investors paid.

Hilltop, a Dallas holding company, announced in May that it would buy Dallas’ PlainsCapital for $630 million. The deal is expected to close in the fourth quarter.

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